Reds vice-captain, Milner, was left out of Sunday's victory over Manchester United as a precaution due to a minor hamstring issue but trained this week and should be involved.
Right-back, Alexander-Arnold, is not expected to be fit until Boxing Day due to his foot injury so Nathaniel Clyne looks set to continue deputising.
Joel Matip and Joe Gomez remain sidelined because of respective shoulder and fractured leg injuries.
Meanwhile, Virgil van Dijk is looking for the Reds to continue their winning run at Wolves, but again played down any title talk at this stage of the campaign.
"We are in mid-December and the season is still too long," said the Dutch defender. "We are very happy we're in the position that we're in now but that can change in two or three weeks so we won't get carried away.
"We'll try to keep on doing what we're doing and, obviously, stay confident.
"It (Wolves) is another game we want to win. It's going to be very tough there. They are in a great moment but so are we so we will have to prepare well and know their strengths and their weaknesses as well."